# USLV (Direxion Daily Silver Bull 2X ETF)

Direxion · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: USLV returned −16.4% where its own daily promise gave −13.9%, 2.4 points short.

## Key facts

- USLV, what SLV did: −5.2%, as of Sep 11, 2026.
- USLV, what +2 times a day gives: −13.9%, as of Sep 11, 2026.
- USLV, what the fund returned: −16.4%, as of Sep 11, 2026.
- USLV, the fund itself cost: −2.4 pts, as of Sep 11, 2026.
- USLV, expense ratio: 1.10% (485BPOS XBRL, Apr 29, 2026).
- USLV, underlying: SLV, as of Sep 11, 2026.

## USLV over each window to Sep 11, 2026

| Window | Fund | SLV | +2x the move | Difference | SLV moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −5.4% | −1.6% | −3.2% | −2.2 pts | 40% |
| 3 months | −16.4% | −5.2% | −10.3% | −6.0 pts | 42% |
| Since launch | −34.1% | −15.0% | −30.0% | −4.2 pts | 44% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of SLV, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +3.16 times, against +2 stated | ETFIQ |
| Underlying | SLV | ETFIQ |
| Segment | asset class, metal | ETFIQ |
| Expense ratio | 1.10% | 485BPOS XBRL, Apr 29, 2026 |
| Launched | May 28, 2026 | ETFIQ |
| Underlying volatility over the window | 42% annualized | ETFIQ |

## Questions

### Did USLV return +2 times SLV?

Over the window to Sep 11, 2026, SLV moved −5.2% and USLV returned −16.4%. 2 times that move is −10.3%, so the fund came out 6.0 points short of it.

### Why does USLV not return +2 times over a year?

Because it resets daily. USLV aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which +2x SLV ETF tracked its stated multiple most closely?

2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

ETFIQ, USLV, data as of Sep 11, 2026. https://etfiq.com/funds/USLV
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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